Organisations are heavily reliant on good data to make business and investment decisions. The pandemic has shown that organisations need to have the ability to analyse situations and make decisions quickly using data. Moving forward, data will be more important than ever, both strategically and operationally.
Data is fundamental to everything that organisations do. From helping to underpin marketing campaigns through to providing the backbone for key operational functions. Data quality – and its portability – is vital.
Data comes from a variety of different sources, internal and external, it needs to be accurate, across a multitude of systems, and be provided in a timely manner several times per day. Current system landscapes and data management practices can make it difficult for organisations and their counterparties to audit their own data – if there is no easy way of knowing when or if certain data has been sent, modified or validated, then operational risk quickly increases.
The successful companies of the future will be the ones that that can assess and process large quantities of data quickly to make informed decisions faster than their competitors, and the ability to evidence how and why they have made those decisions if they come under scrutiny will be critical.
How will this impact you?
More data is now available than ever before, whether customer, product or transactional data, and new analytics tools mean organisations are getting better at identifying and engaging with clients. If your technology isn’t joined up properly, then you won’t be able to link your internal systems with external market data to truly understand your customers. The pandemic has highlighted this, forcing organisations to get better at linking data between functions within the business and from external sources. Ensuring that data is well understood and there are clear descriptions of what data is, what it can be used for and ensuring a high quality of data are critical.
What are the advantages of taking a data-centric approach for your business?
- Data-driven organisations have the processes and tools in place to ensure long term stability.
- With broad access for all employees, instant access to data means decisions in seconds not days facilitating Agile working practices.
- Transparency encourages employees to drive the future of the company, developing new products, services or models based on data insights.
- Quicker access to insights can empower employees to identify trends and patterns before they occur.
- Real-time feedback can help you transform and formulate new products, services and other offerings.
- By enabling employees at every level to use the right data at the right time, data can foster conclusive decision-making and becomes part of the companies’ competitive advantage.